Surface Metals Inc. Announces Closing of First Tranche of Private Placement Financing

Core Points - Surface Metals Inc. has successfully closed the first tranche of its non-brokered private placement financing, raising a total of $320,000 CAD by issuing 1,600,000 units at a price of $0.20 CAD per unit [1][2] Group 1: Financing Details - Each unit consists of one common share and one-half of a transferable common share purchase warrant, with each whole warrant allowing the purchase of an additional common share at $0.40 CAD for two years from the closing date [2] - The proceeds from the offering will be utilized for technical work at the company's gold and lithium projects in Nevada, as well as for general working capital [2] Group 2: Finder's Fees and Regulations - A finder's fee of $10,500 and 52,500 finder's warrants were paid to third parties in connection with the offering, with each finder's warrant exercisable under the same terms as the warrants included in the units [3] - All securities issued under the offering are subject to a hold period of four months and one day in accordance with Canadian securities laws [3] Group 3: Company Overview - Surface Metals Inc. is a North American mineral exploration company focused on advancing a diversified portfolio of gold and lithium projects located in Nevada, USA, and Manitoba, Canada [4] - The company's Cimarron Gold Project is situated in a historically productive gold district in Nye County, Nevada, while its Clayton Valley Lithium Brine Project has an inferred resource of approximately 302,900 tonnes LCE [4]